Moody’s assigns Generali notes Baa2

Moody's Investors Service said it assigned a Baa2(hyb) rating to the €500 million fixed-rate green senior subordinated tier 2 notes due 2033 to be issued by Assicurazioni Generali SpA under its €15 billion EMTN program.

“The Baa2(hyb) rating reflects Moody's Baa1 senior unsecured debt rating of Generali and Moody's standard notching practices for such instruments. The notching reflects (i) the subordination of the notes; (ii) the mandatory (based on breach of regulatory capital requirements) coupon skip mechanism and (iii) the cumulative nature of deferred coupons, in case of deferral. The dated subordinated notes rank pari passu with existing dated subordinated debt of Generali,” the agency said in a statement.

The issuance is part of a prefinancing of upcoming maturities so there should be no material effect on Generali's leverage or earnings coverage ratios, Moody’s said.

The outlook is stable.

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